Arizona § 48-5566 - Issuing bonds; election; security

§ 48-5566. Issuing bonds; election; security

A. On the approval of a majority of the qualified electors, a special health care district may issue bonds to carry out any of the provisions of this article. If the board of directors determines that bonds should be issued, the board of directors shall apply to the board of supervisors, and the board of supervisors shall submit to a vote of the qualified electors residing in the district the question in the manner prescribed by title 35, chapter 3, article 3.  The election must be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection F.

B. If a majority of the qualified electors voting on the issue approves the issue, the bonds shall be issued as provided by law.

C. All bonds, heretofore and hereafter issued pursuant to this section, are secured by a lien on the special revenues received pursuant to section 48-5563, subsection C. The lien arises automatically without the need for any action or authorization by the district or the district's governing board. The lien is valid and binding from the time of the issuance of the bonds.  The revenues received pursuant to section 48-5563, subsection C are immediately subject to the lien. The lien attaches immediately to the revenues and is effective, binding and enforceable against the district, the district's successors, transferees and creditors and all other parties asserting rights in the revenues, irrespective of whether the parties have notice of the lien, without the need for any physical delivery, recordation, filing or further act.